We know everything about bankruptcy
16/09/2024
Monday
16 September 
1970 "Black Wednesday" of the British pound sterling.
1970 The Montreal Treaty for the Protection of the Earth's Ozone Layer was signed.
1970 Mexico declared independence from Spain.
LOSE EVERYTHING. THE FOUNDER OF THE BANKRUPT FTX CRYPTO EXCHANGE WAS LEFT WITHOUT $26 BILLION
The financial problems of the exchange were known earlier, but in November the situation became more complicated. It became clear that the assets of the FTX Digital Markets operator, which managed the exchange's activities, were secured by coins that were issued by a subsidiary, and not by well-known cryptocurrencies, dollars or euros.
An attempt to sell its own tokens led to a collapse of the exchange rate by 23%.
As a result, the digital platform lost about $6 billion in a few days. The head of the exchange tried to find an investor in the person of Binance, who promised help with the acquisition of non-US FTX assets. However, after an investigation, the platform refused to purchase. There were also no other people willing to purchase FTX.
According to Reuters, a financial hole was revealed on November 6. The head of the company provided the management with reports, which revealed a shortage of $ 1.7 billion. At the same time, he previously transferred about $10 billion of customer funds to the accounts of the trading firm Alameda Research.
The exchange stated that the assets were stolen by unknown hackers who managed to crack the users' crypto wallets. Lawyers reported that the firm urgently began transferring funds to "cold storage" (to computers not connected to the Internet).
The next day, the bankruptcy decision was made, and Bankman-Fried left his post.
His place should be taken by Chicago lawyer John J. Ray III, famous for his involvement in the case with Enron. He stated that the exchange has valuable assets that can be effectively managed and the bankruptcy procedure will be aimed at protecting them.
If at the beginning of the week the fortune of the former head of FTX was estimated at $16 billion, then by November 8 it had decreased to $1 billion. A few days later, it became clear that Bankman-Fried was out of funds, thereby losing the largest fortune in history. As reported by the Cointelegraph news agency, referring to insider information, an entrepreneur with two employees was detained by local authorities in the Bahamas.
Photo: Freepik
